Afrinvest Stock Recommendations for the Week 020320

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Monday, March 02, 2020 / 03:49 PM / Afrinvest Research / Header Image Credit: Afrinvest


Market Last Week (Our Observations)

  • Last week, the local bourse sustained bearish performance as the All-Share Index (ASI) depreciated 4.3% w/w to settle at 26,216.46 points. As a result, YTD return turned negative to -2.3% while market capitalisation declined N610.6bn to N13.7tn.
  • Sector performance was uninspiring as 4 of 5 indices under our coverage lost. The Industrial Goods index was the lone gainer, up +1.1%. Conversely, the Banking and Insurance indices fell 11.8% and 8.2% respectively. Likewise, the Consumer Goods and Oil & Gas indices lost 3.8% and 2.1% respectively. 
  • The best performing stocks for the week were LAWUNION (+11.1%), EKOCORP (+5.8%) and BUACEMENT (+3.1%) while REDSTAR (-27.0%), SKYAVN (-26.8%) and NPFMCRFB (-23.4%) led laggards.


Market This Week (Our Expectations)

  • The Afrinvest Weekly Sentiment Indicator stood at 0.8x.
  • Following the outbreak of "Coronavirus" in Nigeria, we anticipate a sustained downtrend this week, although there are bargain hunting opportunities.

 

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  • NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 2nd March 2020.


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